Group 1 - The company, China Merchants Port Group Co., Ltd., has announced the issuance of its first medium-term note for 2025, with a total issuance amount of 2 billion yuan [1][2] - The medium-term note will be publicly issued on November 7, 2025, with a maturity period of 3 years and a face value of 100 yuan per note [2] - The funds raised from this issuance will be used to supplement the company's and its subsidiaries' working capital and to repay maturing debts [2] Group 2 - The company received a registration acceptance notice from the China Interbank Market Dealers Association, which allows the company to register its debt financing tools for a validity period of 2 years [1] - China Construction Bank is the lead underwriter for this issuance, with Industrial and Commercial Bank of China and China Merchants Bank serving as co-underwriters [2] - The company will disclose relevant information regarding the subsequent processes of this issuance in accordance with regulations [2]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-073 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 2025 年 11 月 7 日 招商局港口集团股份有限公司（以下简称"本公司"）于 2023 年 12 月 29 日发布《关于债务融资工具获准注册的公告》（公告编号：2023-092），披露收 到中国银行间市场交易商协会签发的《接受注册通知书》（中市协注〔2023〕 DFI66 号）（下称"通知书"），中国银行间市场交易商协会同意接受本公司债 务融资工具注册，有效期为自通知书落款之日起 2 年。 本公司 2025 年度第一期中期票据将于 2025 年 11 月 7 日在全国银行间债券 市场公开发行，发行金额为 20 亿元，期限为 3 年，每张面值为 100 元，中国建 设银行股份有限公司为主承销商，中国工商银行股份有限公司、招商银行股份有 限公司为联席主承销商。本次发行所募集的款项将用于补充本公司及下属子公司 流动资金及偿还到期债务。本次中期票据发行的相关文件详见本公司于 2025 年 11 月 6 日 在 上 海 清 算 ...

Core Points - The company has completed the cancellation of 13,500 stock options from its first stock option incentive plan due to one participant losing eligibility [1][2] - The decision was made during the board meetings held on October 28 and 29, 2025, and complies with relevant laws and regulations [1][2] - The cancellation of these stock options will not have a significant impact on the company's financial status or operational results [2] Summary by Sections - **Stock Option Cancellation**: The company announced the cancellation of 13,500 stock options from its first stock option incentive plan due to the disqualification of one participant [1] - **Board Meetings**: The cancellation was approved in the fourth meeting of the Nomination, Compensation, and Assessment Committee and the fourth temporary board meeting of the year [1] - **Regulatory Compliance**: The cancellation process adheres to the relevant laws, regulations, and the company's articles of association [2] - **Impact Assessment**: The company stated that this cancellation will not significantly affect its financial condition or operational performance [2]

Core Points - On November 4, 2025, China Merchants Port (001872) announced the completion of the cancellation of a total of 13,500 stock options, as confirmed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited [1] Summary by Category - **Company Announcement** - China Merchants Port has completed the cancellation of 13,500 stock options [1] - The cancellation was confirmed by the relevant regulatory authority [1]

证券代码：001872/201872 证券简称：招商港口/招港 B 公告编号：2025-072 招商局港口集团股份有限公司 关于公司股票期权激励计划（第一期）部分股票期权注销完成的公告 特此公告。 1 招商局港口集团股份有限公司 董 事 会 2025 年 11 月 5 日 2 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 招商局港口集团股份有限公司（以下简称"本公司"）于 2025 年 10 月 28 日召开第十一届董事会提名、薪酬与考核委员会 2025 年度第四次会议，并于 2025 年 10 月 29 日召开第十一届董事会 2025 年度第四次临时会议，会议分别审 议通过了《关于注销公司股票期权激励计划（第一期）部分股票期权的议案》。 根据相关法律法规及本公司《股票期权激励计划》的相关规定，鉴于股票期权激 励计划（第一期）首批授予部分的 1 名激励对象已丧失参与本公司激励计划的资 格，本公司董事会决定注销该等人员已获准行权但尚未行权的股票期权共计 13,500 份 。 具 体 内 容 详 见 本 公 司 于 2025 年 10 月 31 日 在 巨 潮 资 讯 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The report highlights continuous growth in throughput and emphasizes the expansion of overseas business [5][7] - The company achieved a revenue of 4.293 billion yuan in Q3 2025, representing a year-on-year increase of 2.44%, while the net profit attributable to shareholders was 1.180 billion yuan, a decrease of 0.78% year-on-year [7] - The company has established an investment network in 51 ports across 26 countries and regions, enhancing its global port asset layout [7] Financial Performance Summary - Revenue projections for the company are as follows: 15,750 million yuan in 2023, 16,131 million yuan in 2024, and 17,184 million yuan in 2025, with a year-on-year growth rate of 6.53% in 2025 [6][8] - The net profit attributable to shareholders is forecasted to be 3,572 million yuan in 2023, 4,516 million yuan in 2024, and 4,799 million yuan in 2025, with a growth rate of 6.26% in 2025 [6][8] - The earnings per share (EPS) are expected to be 1.44 yuan in 2023, increasing to 1.93 yuan in 2025 [6][8] Operational Highlights - The company reported a container throughput of 53.215 million TEU in Q3 2025, a year-on-year increase of 4.5% [7] - The company is focusing on optimizing the operational efficiency of its core port in Shenzhen and enhancing its comprehensive service competitiveness [7] - The acquisition of the Vast oil terminal in Brazil is expected to further expand the company's port business in Latin America, potentially driving long-term growth in overseas port project performance [7]

Core Insights - The company reported a total operating revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.89% [2] - The net profit attributable to the parent company reached 3.807 billion yuan, showing a year-on-year growth of 1.89% [2] - The net profit after deducting non-recurring gains and losses was 3.675 billion yuan, which reflects a year-on-year increase of 9.49% [2]

Core Viewpoint - China Merchants Port is a leading global port developer and operator, with significant investment value due to its unique full industry chain service capabilities [1] Group 1: Business Performance - In Q3 2025, China Merchants Port reported revenue of 12.762 billion, ranking 5th among 16 companies in the industry, above the industry average of 9.528 billion and median of 7.044 billion, but below the top two companies, Shanghai Port Group at 29.949 billion and Ningbo Port at 22.882 billion [2] - The main business revenue composition includes port operations at 8.078 billion (95.38%), bonded logistics at 305 million (3.60%), and property development and investment at 85.779 million (1.01%) [2] - The net profit for the same period was 7.463 billion, ranking 2nd in the industry, with the top company, Shanghai Port Group, at 12.398 billion, exceeding the industry average of 2.415 billion and median of 1.14 billion [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of China Merchants Port was 35.02%, slightly above the industry average of 34.25%, but down from 35.72% in the same period last year [3] - The gross profit margin for the same period was 44.95%, significantly higher than the industry average of 30.73%, and slightly up from 44.73% year-on-year [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.73% to 19,500, while the average number of circulating A-shares held per shareholder increased by 7.22% to 89,400 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the sixth largest, holding 8.889 million shares, a decrease of 1.7195 million shares from the previous period [5] Group 4: Management Compensation - The total compensation for General Manager Lu Yongxin was 2.46 million, an increase of 230,000 from the previous year [4] Group 5: Future Outlook - Guolian Minsheng Securities noted that the H1 2025 performance of China Merchants Port met expectations, with a 3% increase in net profit attributable to shareholders [5] - Key business highlights include a 5.7% year-on-year growth in container throughput and a 15.5% increase in investment income from Ningbo Port [5] - Zheshang Securities highlighted a 16% growth in net profit excluding non-recurring items for H1 2025, with significant contributions from overseas business and core operations [6]

Core Viewpoint - The company reported a revenue of 12.76 billion yuan for the first three quarters, reflecting a year-on-year growth of 4.89% [1] - The net profit attributable to shareholders reached 3.8 billion yuan, with a year-on-year increase of 1.89% [1] - The net profit excluding non-recurring gains and losses was 3.67 billion yuan, showing a year-on-year growth of 9.49% [1] Financial Performance - Revenue for the first three quarters: 12.76 billion yuan, up 4.89% year-on-year [1] - Net profit attributable to shareholders: 3.8 billion yuan, up 1.89% year-on-year [1] - Net profit excluding non-recurring items: 3.67 billion yuan, up 9.49% year-on-year [1]